REKLAIM LTD Announces Q4 & 2023 Outcomes: Achieving Profitability with $872K in Profit and a 74% Surge in Annual Revenue
Remarkable $872K Profit Marks a $5M Improvement Over the Past 12 Months.
NEW YORK, April 9, 2024 /CNW/ - Reklaim, (TSXV: MYID) (OTC: MYIDF) ("Reklaim"), the leading platform empowering consumers to access and reclaim their data, announces the release of its 2023 annual audited financial results for the year ending December 31, 2023.
Key Highlights from Reklaim's 2023 Performance:
Remarkable Financial Growth:
- Reklaim achieved 74% year-over-year revenue growth, reaching $4,111,927 in 2023 compared to $2,361,110 in 2022.
- Recorded profit of $872,139 for 2023, a substantial improvement from a loss of ($4,147,069) in 2022, representing a remarkable $5,019,208 turnaround over the past 12 months.
- Gross margins surged to 77% in 2023, reflecting an impressive 83% improvement compared to -6% in 2022.
- Reklaim demonstrated a consistent growth trajectory in Cash Flow From Operations over the year, reaching $58,513 in 2024 vs. -$3,331,098 in 2022, a significant enhancement of $3,389,611 compared to the previous fiscal year.
Record-Breaking Q4 Performance:
- Q4 2023 revenue reached an all-time high of $1,416,230, marking an impressive 97% surge compared to the same period in 2022.
- Sequentially, Q4 2023 revenue increased to $1,416,230 from $923,966 in Q3 2023, demonstrating a robust 53% growth.
Recurring Revenue and Operational Efficiency:
- Achieved a recurring revenue rate of 92% in 2023, a notable increase from 86% in 2022.
- Implemented significant cost-saving measures, reducing operating expenses by 38% in 2023 to $2,716,815 compared to $4,405,729 in 2022, showcasing an improvement of $1,688,914.
In 2023, Reklaim demonstrated exceptional performance across all key metrics, showcasing its resilience and strategic focus amidst a dynamic market landscape, said Reklaim Founder & CEO Neil Sweeney. With a remarkable 74% year-over-year revenue growth, the company's revenue surged to $4,111,927, underlining its ability to capitalize on emerging opportunities and deliver value to its stakeholders. Additionally, Reklaim's achievement of profitability, marked by a $872,139 profit, signifies a significant turnaround from previous years, highlighting the effectiveness of its strategic initiatives and operational efficiency. Moreover, the impressive increase in gross margins to 77% underscores the company's commitment to driving sustainable growth and maximizing profitability. Reklaim's record-breaking Q4 performance further solidifies its position as a market leader, with revenue reaching an all-time high of $1,416,230, reflecting a remarkable 97% surge compared to the same period in 2022. In line with our unwavering commitment to sustainable growth and operational excellence, Reklaim is poised to maintain full-year profitability and sustain a robust growth trajectory in 2024, building upon the remarkable achievements of 2023. Our steadfast dedication to innovation and value creation ensures that we continue to seize emerging opportunities and deliver optimal outcomes for all stakeholders.
Full financial results, reported in CAD dollars, and Management's Discussion and Analysis are posted to SEDAR (www.sedar.com) and on the Company's investor relations website: investors.reklaimyours.com.
Reklaim is committed to navigating the evolving landscape of consumer data privacy. We provide compliant, zero-party data solutions to Fortune 500 brands, platforms, and data companies. Our platform empowers consumers to reclaim control over their data, enabling them to view and manage information collected with direct authorization. Moreover, users can be compensated for their data through a Reklaim account. Discover more about Reklaim at https://investors.reklaimyours.com.
The Company announces a revision to its share issuance agreement with AGORA Internet Relations Corp. ("Agoracom"), which was initially established on September 9, 2022, under a share for services agreement ("Services Agreement"). Under this agreement, instead of the initially stipulated $113,000 (HST included), a total of $67,800 (HST included) or 1,832,214 shares was remitted. The original issuance of shares amounted to 282,500 at $0.08 per share, as approved by the Exchange on October 19, 2022, contrary to the previously announced 301,333 shares at $0.075 per share. Subsequently, on April 3, 2023, the Exchange approved the issuance of 645,714 shares at $0.035 per share and 904,000 shares at $0.025 per share. Notably, the Company ceased payments for June 2023 and September 2023, ending the agreement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will," "may," "should," "anticipate," "expects," and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the closing of the Debt Settlement and TSXV approval of the Debt Settlement, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are risks detailed from time to time in the filings made by the Company with securities regulators.
The reader is cautioned that assumptions in preparing forward-looking information may prove incorrect. Events or circumstances may cause actual results to differ materially from those predicted due to numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, the Company cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward-looking information. Although considered reasonable by management during preparation, such information may prove incorrect, and actual results may differ materially from those anticipated. This cautionary statement expressly qualifies forward-looking statements contained in this news release. The forward-looking statements in this news release are made as of the date of this news release. The Company will only update or revise any included forward-looking statements as expressly required by Canadian securities law.
SOURCE Reklaim Ltd.
please contact: Ira Levy, CFO, 1-855-908-DATA, E: [email protected]
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